Gridiron Capital LLC has closed its third fund, called Gridiron Capital Fund III, with $850 million in capital commitments. The firm began fundraising for the fund in April 2015.
Gridiron, a middle-market private equity firm based in New Canaan, Connecticut, has raised Fund III to target manufacturing, business services, and specialty consumer product companies. The fund received capital commitments in North America, Europe and Asia with investments from new and old investors, including: endowments and foundations, insurance companies, public and private pension funds, fund of funds, and high net worth individuals. The firm's previous fund, Gridiron Capital Fund II, closed at $425 million in July 2012.
On average, Gridiron invests in companies with between $8 million and $50 million in Ebitda. The firm has invested in companies such as: Counsel On Call, a provider of outsourced legal services to law firms; Dent Wizard, which provides auto repair services for exterior and interior damage like hail; and Engage 2 Excel, a software provider for human resource departments to measure employee engagement and return on investment.
Other private equity firms have also been raising funds. Recent fund closings include: Arsenal Capital Partners’ closing of a $1.3 billion private equity fund; Chicago-based NXT Capital LLC’s closing its fourth debt fund at $900 million; Monroe Capital LLC’s closing its second credit fund at $800 million; and The Carlyle Group LP’s (Nasdaq: CG) announced completion of fundraising efforts for a $403 million collateralized loan obligation fund. Ropes & Gray LLP served as legal counsel for Fund III.